The first phase of the 123rd Canton Fair rounded off on April 19th. According to a questionnaire survey carried out by Ningbo Municipal Bureau of Commerce, Ningbo may stand out in intensive competition by developing self-owned intellectual property, optimizing the product structure and taping diversified market.
It is reported that the first phase has attracted 128 enterprises from Ningbo. Besides, this year's Canton Fair has witnessed an increase of purchasers from countries along the "Belt and Road", for instance India, South Korea, Japan, Indonesia and Russia, taking up half of the whole engaged countries. The number of American purchasers is relatively less owing to the “301 survey”, while there is a steady growth in European market.
Innovation can be assumed as the passport to global market. Foreign trade businesses in Ningbo has made full use of PDC platform in 2018 to conduct holistic promotion by setting up booth titled “Quality Ningbo•Cixi Household Appliance” where companies as CUORI and Yueli vie for displaying their new intelligent products. As one of the top ten enterprises in the city, CUORI has presented its new products to the world. “Our supercharging intelligent ironing system makes technological innovation in intelligent control function and steam swirling technology.” said person in charge from CUORI.
“For enterprises, growth, in the context of current market, can be only achieved through self-innovation, blazing a new path, developing competitiveness in product design, upgrading automation and intelligent level and meeting individual and diversified consumption demand”, according to relevant responsible person from Ningbo trading group’s Cixi sub-group built exclusively for the Canton Fair. He also said that innovation plays a pivotal role in confronting with the changing economic environment.
A diversified market needs to be developed. The Belt and Road initiative brings a new growth momentum for export. Under the cloud of US-China trade frictions, emerging market customers participating in "The Belt and Road" initiative are playing an increasingly important role on the fair. Cixi enterprises seized the new business opportunity. It is learned form an investigation that 60% of surveyed enterprises indicated a higher portion of merchants from emerging markets and a drop in terms of the number of merchants from traditional markets.
Admittedly, deal settlement and risk management come first in foreign trade. Compared with trade frictions, this year's RMB exchange rate has a greater impact on the current orders of enterprises. "In the past, Chine would not fix the exchange rate at a certain level in case of trade loss. But now it has to be stable, which is a comfort for China’s exporters to do business." A head of a large Cixi foreign trade company said. leader of Cixi trade delegation also suggested that SMEs adopt various financial means to avoid exchange rate risks. In addition, due to the increasing uncertainty of trade frictions, the demand for foreign trade insurance to the US is increasing at the same time. "Companies which find their products in the first batch of tariffed products hope for earlier shipments while those spared from taxes also want to have insurance as a back-up." Officials of CITIC in Yuyao and Cixi branches said that CITIC is ready to underwrite exports to US in order to help foreign trade enterprises through.